So wait a minute, the emblems we have now will be usable to buy new stuff in Cataclysm?

In other words, we can faceroll current content for new gear in Cataclysm?

This certainly looks like it. But if the example that was given is exactly as it'll be, and gear in cata cost like 1000+ points, it won't be that good, unless you've been saving emblems for weeks on end without spending them. Let's just wait until tomorrow for the conversion rates.

So, as an example: You got 15,000 Triumph Points from raiding Naxxramas. Ulduar is launched, and your 15,000 Triumph Points, just all turned into Hero Points. You got 0 Triumph Points, and can only earn them in Ulduar now. They will give us warning obviously, so we can spend em beforehand likely.

We likely won't even NEED notice. Why not? Because anything we could buy with Triumph points will shift over to being purchased with Hero points at the same time the currency shift happens. We can still buy it all even if we miss the date.

For what its worth, the current costs and conversion factor on the PTR is not favorable to stockpiling badges.

I have about 100 frost, and 90 triumph on live, and I didn't have enough justice points to buy anything from the vendors in Dalaran on PTR.

Yep. I went to the vendors to purchase some heirlooms for one of my alts. On live I would have had more than enough badges to get a few pieces. On the PTR I had 240 or so Justice points. I couldn't purchase a single Heirloom item with that.

-_- NO, the emblems now will not work on cata gear. those use Hero and Triumph Points. Justice Points are for Wrath gear, clearly.

PvE
Justice Points -- Low-tier, easier-to-get PVE points. Maximum cap to how many you can own, but no cap to how quickly you can earn them. Earned from most dungeons. (most like the current Emblem of Triumph)
Valor Points -- High-tier, harder-to-get PvE points. Maximum cap to how many you can own, as well as a cap to how many you can earn per week. Earned from Dungeon Finder daily Heroic and from raids. (most like the current Emblem of Frost)